KARACHI: The Sindh Revenue Board has said that it had collected Rs10.261 billion in tax revenue during the month of May, an increase of 52 per cent when compared to the month during the last fiscal year.
“During the month of May 2021, Sindh Revenue Board has posted [a] revenue collection of Rs10.261 billion as compared to Rs6.734 billion collected during May 2020, thus registering a phenomenal growth of 52 per cent,” the board said in a statement released on Tuesday.
It stated that “during the 11 months (July-May 2021) of the current fiscal year, Sindh Revenue Board collected Rs108.686 billion against Rs91.198 billionn in the same period of 2019-20, an increase of 19 per cent.”
The board attributed the success in achieving the extraordinary revenue growth to “the continued trust and cooperation of SRB taxpayers, continuous support by the government and the relentless efforts of the SRB officers and staff”.
SRB pledged to “continue to work hard to maximise the revenue collection during the remainder of the current financial year, despite all the adverse factors such as low economic growth and the resurgence of Covid-19, impacting the services sector.”
EXEMPTION: Meanwhile, the SRB announced a tax incentive scheme on Monday that allowed a total exemption of penalties. It also provided significant relief in payment of default surcharge to Sindh’s sales tax defaulters.
In a statement, the SRB said that on the recommendation of the Chambers of Commerce and Industry and taxpayers’ associations, its board approved the proposal of a tax incentive scheme under which penalties would stand remitted.
There would also be a substantial exemption of default surcharge and liability would be provided to taxpayers and defaulters, provided they deposit the principal amount of the arrears of Sindh Sales Tax during June 2021.
In the first 12 days of June, the Tax Incentive Scheme allows total exemption of penalty and default surcharge if principal amounts of arrears are deposited during this period of 12 days.
However, only 5 per cent and 10 per cent of the amounts of default surcharge will be payable if the tax amounts are deposited till June 30, while penalty would remain totally eliminated.
The government hoped taxpayers benefit from this one-time facility.